April 19th, 2022
Hunter Biden has continued to profit from Chinese-government owned oil, gas, and coal companies through his 10 percent equity stake in Bohai Harvest RST, while his father, Joe Biden, has canceled the Keystone XL Pipeline, banned new drilling for oil and gas on federal lands, and declared war on Americans at the gas pump because of climate change.
Bohai Harvest RST, founded in 2013 and controlled by the Bank of China, invested $1 billion in 2015 in the Chinese-state owned China Petroleum & Chemical Corp (Sinopec Group), the world’s largest oil and gas conglomerate.
In 2020, one of Sinopec Group’s subsidiaries, China Petroleum & Chemical, created more carbon dioxide (CO2) emissions than the entire nation of Canada, which itself produced the eleventh most CO2 emissions among all nations.
In total, Sinopec Group produced 343 million tonnes of CO2 equivalent during 2020 and 2021 which was more carbon dioxide emissions than BP, Chevron, and Saudi Aramco combined.
In other words, while Joe Biden declares war on Americans at the gas pump because of climate change, his son’s Chinese equity fund continues to hold its investment in Chinese oil-giant, Sinopec Group, which as the world’s largest polluter creates more carbon dioxide emissions than BP, Chevron, and Saudi Aramco combined.
In contrast to Joe Biden’s pledge to eliminate fossil fuels in the United States, Hunter-backed Sinopec Group plans on increasing its oil and gas production in 2022 with its highest capital investment in history.
Sinopec expects to spend 198 billion yuan ($31.10 billion) in 2022 on oil and gas development, up eighteen percent from a year ago according to a company statement filed to the Shanghai Stock Exchange.
The Chinese-state owned oil giant plans to produce 281.2 million barrels of crude oil and 12,567 billion cubic feet of natural gas in 2022, up from its output of 279.7 million barrels and 1,199 billion cubic feet in 2021.
A 2021 study revealed that Sinopec Group was not only the world’s largest greenhouse gas emitter but also that it produced more than five percent of the world’s plastic waste as the world’s second-worst plastic polluter behind ExxonMobil.
Coal is the world’s most affordable energy fuel, but climate change activists like Joe Biden have declared war on coal in the United States due to coal also being the largest source of carbon dioxide (CO2) emissions from fossil fuels.
China, the world’s largest polluter, which produces 29 percent of the world’s carbon dioxide emissions – more than the United States and European Union combined – burned over 53 percent of the coal used in the world in 2020.
Despite joining the Paris Climate agreement, China continues to build coal-fired power plants at a rate that outpaces the rest of the world combined, building more than three times as much new coal power capacity as all other countries combined in 2020, with plans as recently as last year to build 43 more coal-fired power plants.
In 2016, Hunter Biden’s Bohai Harvest RST invested in a lucrative bond deal with Yancoal Australia, a coal-mining subsidiary of the Chinese-government owned Yankuang Group, which was China’s fourth-largest coal producer at the time.
Bohai Harvest RST together with Chinese government-owned Industrial and Commercial Bank of China and BOC International Holdings (a subsidiary of the Chinese-government owned Bank of China), invested $775 million into a Yancoal subsidiary asset-backed bond issuance, and in return “collect[ed] interest of 8.55% a year on $760 million of the bonds, plus interest of up to 15% a year on the remainder.”
Although Hunter Biden holds a significant investment in what is now China’s second-largest coal producer, Joe Biden committed his administration to fighting climate change in the United States last year when he suspended American oil and gas leases in Alaska, reversing a drilling program approved by the Trump administration.
Within hours of being sworn in, Biden issued an executive order reinstating the U.S. to the Paris Climate Agreement. Under the Paris Climate accords, China as the world’s largest polluter and carbon emitter get a free pass until 2030 (who knows if they will honor the agreement after 2030).
In the meantime, America must reduce carbon emissions by 30 percent by 2025 through the purchase of solar photovoltaics (70 percent produced in China), wind turbines (35 percent produced in China ), and lithium-ion batteries (70 percent produced in China).